Synovus Bank Offers $200 Checking Bonus

Availability: Market area includes Alabama, Florida, Georgia, South Carolina, and Tennessee.

Now through September 30, 2016, Synovus Bank (Synovus) is offering a $200 bonus when opening a new personal checking account.

Bonus Requirements

Open and fund a new personal checking account through September 30, 2016.

Make at least 15 Synovus VISA® Check Card within 60 days of account opening.

Establish Direct Deposits totaling at least $1k within 60 days of account opening.

Limitations

Minimum opening deposit is $100.

Offer available only to new Synovus personal checking account customers.

Only one offer per address.

There is an early termination fee of $25 is the new account is closed within 90 days of account closing.

Bonus will be paid on either October 17, November 15, or December 21, 2016, in the form of a credit deposited in the new checking account.

Synovus offers five different checking accounts: Access Checking, Preferred Account, Gold Checking, Student Checking, and Military Checking. All of these checking accounts have monthly service fees that can be waived.

Thanks to DA reader, Tony Phan, for his Forum post about this deal. And thank you to the DA reader who mentioned this bonus to me, after seeing the offer on Facebook.

Availability

Headquartered in Columbus, Georgia, Synovus Bank’s market area covers much of the South East, including Alabama, Florida, Georgia, South Carolina, and Tennessee.

Applying for the Synovus $200 checking bonus can be done in person at any of 255 full-service branches located in Alabama (37), Florida (50), Georgia (114), South Carolina (40), and Tennessee (14).

The application process can also be started online by submitting a simple “Contact Me” form.

Complete this form, and we’ll be in touch soon.

Bank Overview

Synovus Bank (FDIC Certificate # 873) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 5.79% (excellent), based on March 31, 2016 data. In the past year, Synovus has increased its total deposits by $1.32 billion, an excellent annual growth rate of 5.9%. Please refer to our financial overview of Synovus Bank for more details.

Synovus is currently the second largest bank in West Virginia, with assets in excess of $28.9 billion. The Bank was first established in 1888, and the story of its origins is both charming and heart-warming.

The worker’s dress became tangled in factory machinery, and money she had sewn into her hem spilled onto the floor. Explaining she felt this was the safest place to keep her savings, a mill executive offered instead to secure her money in the mill safe and pay her interest. That same service was soon offered to all the workers, and those deposits marked the beginning of Synovus.

How the Bonus Compares

For this comparison, I am using the following variables: the minimum $100 opening deposit, the minimum of $1,000 in Direct Deposits, and the funds being on deposit for three months (based on the September 30, 2016 offer end-date and the last payout date of December 21, 2016).

$1,100 for 90 days in a Synovus checking account = $200 bonus

$1,100 for 90 days in a savings account earning 1% = $2.74 interest

The above rates are accurate as of 8/4/2016.

Other Bank Promotions and Bonuses

Not eligible for Synovus Banks’s $200 Checking Bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.

It is a pain to open an account with them, they will put you to credit checks, utility bills, proof of resident, soft and hard credit pulls at all 3 credit bureaus and will require credit card and current checking account. The day you apply counts toward 60 days for direct deposit requirement to qualify. I abandoned the application.

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